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#26 2023-04-05 05:56:36

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Beware of crypto recovery services!

level;6773 wrote:

That's not double-spending. Double spending is a strategy in which the same crypto can be spent more than once to the same wallet while a second transaction is sent with a high transaction fee. It is a strategy used to terminate previous existing transactions that's yet to receive a single confirmation.

Did you read my post at all, because if you did you’ll see i explained everything about it in a very detailed way, you don’t double spend a transaction by bumping the fee and sending it quicker to the same wallet, double spending has an intent of stealing, so you are going to use RBF and send the funds to a different address with a higher fee which would be confirmed first and the initial transaction would be dropped.

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#27 2023-04-05 18:44:25

Detroit
Member
Registered: 2022-12-27
Posts: 1,670

Re: Beware of crypto recovery services!

full;6777 wrote:
Detroit;6716 wrote:

what is RBF?

Users can switch out one version of an unconfirmed transaction for another that pays a higher transaction charge using the replace-by-fee (RBF) feature. While the deal is pending confirmation, this can be repeated numerous times.

Oh,  thanks, mate. In that case, the other party is in serious trouble. Like, are you saying for instance if I sent 1btc to someone using a very low fee and then later resend it using a higher fee to another account which is mine is called RBF?

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#28 2023-04-05 20:42:10

CrytoCynthia
Member
Registered: 2022-11-19
Posts: 2,595

Re: Beware of crypto recovery services!

If you have ever been scammed from any platform and immediately you get a message from some one that they want you to send them your details to recover your funds make sure you to engage in that, it could be a trap.

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#29 2023-04-05 22:07:02

level
Member
Registered: 2023-01-19
Posts: 1,473

Re: Beware of crypto recovery services!

Camavinga;6801 wrote:
level;6773 wrote:

That's not double-spending. Double spending is a strategy in which the same crypto can be spent more than once to the same wallet while a second transaction is sent with a high transaction fee. It is a strategy used to terminate previous existing transactions that's yet to receive a single confirmation.

Did you read my post at all, because if you did you’ll see i explained everything about it in a very detailed way, you don’t double spend a transaction by bumping the fee and sending it quicker to the same wallet, double spending has an intent of stealing, so you are going to use RBF and send the funds to a different address with a higher fee which would be confirmed first and the initial transaction would be dropped.

I totally read everything you said but you appear not to understand the point because I was explaining how double-spending is actually done. To double-spend a transaction, you'll need to send the exact amount of crypto to the same wallet just to manipulate the two transactions.
Double spending is not only used to steal and sometimes it is used to cancel a transaction.

Last edited by level (2023-04-05 22:24:51)

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#30 2023-04-05 22:09:22

oba
Member
Registered: 2023-01-13
Posts: 1,858

Re: Beware of crypto recovery services!

CrytoCynthia;6843 wrote:

If you have ever been scammed from any platform and immediately you get a message from some one that they want you to send them your details to recover your funds make sure you to engage in that, it could be a trap.

Yes, the victim can engage in it if he/she can play alone and if he/she can not play alone it is better to contact the best security agent for help.

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#31 2023-04-06 05:51:50

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Beware of crypto recovery services!

level;6876 wrote:

Double spending is not only used to steal and sometimes it is used to cancel a transaction.

Yeah i know about that, just that when you use the phrase double spend it usually sounds like when you want to double spend coins to deceive a merchant, if you want to use it to cancel one transaction for another to go faster, people just usually say they bumped the fee for the second transaction, not double spending. But i get your point.

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#32 2023-04-06 12:08:17

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,872

Re: Beware of crypto recovery services!

Detroit;6835 wrote:

Oh, thanks, mate. In that case, the other party is in serious trouble. Like, are you saying for instance if I sent 1btc to someone using a very low fee and then later resend it using a higher fee to another account which is mine is called RBF?

It is called double spending not RBF.
RBF stands for Replace By Fee and it is the option that allows you to be able to double spend. When making a transaction you can enable RBF which can be used to bump the fee later if the transaction takes too long to be confirmed or can be used to resend the transaction to a different address, possibly over riding the initial transaction.

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#33 2023-04-06 19:16:10

Detroit
Member
Registered: 2022-12-27
Posts: 1,670

Re: Beware of crypto recovery services!

Lanistergame2;6954 wrote:
Detroit;6835 wrote:

Oh, thanks, mate. In that case, the other party is in serious trouble. Like, are you saying for instance if I sent 1btc to someone using a very low fee and then later resend it using a higher fee to another account which is mine is called RBF?

It is called double spending not RBF.
RBF stands for Replace By Fee and it is the option that allows you to be able to double spend. When making a transaction you can enable RBF which can be used to bump the fee later if the transaction takes too long to be confirmed or can be used to resend the transaction to a different address, possibly over riding the initial transaction.


At this point, I'm totally confused.  So you are saying double spending and RBF are not the same, then what is the difference between RBF and double spending? Also, I need to know if both of them can override a previous transaction like sending it into another wallet.

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#34 2023-04-06 23:04:03

full
Member
Registered: 2023-01-06
Posts: 1,501

Re: Beware of crypto recovery services!

Detroit;6835 wrote:
full;6777 wrote:
Detroit;6716 wrote:

what is RBF?

Users can switch out one version of an unconfirmed transaction for another that pays a higher transaction charge using the replace-by-fee (RBF) feature. While the deal is pending confirmation, this can be repeated numerous times.

Oh,  thanks, mate. In that case, the other party is in serious trouble. Like, are you saying for instance if I sent 1btc to someone using a very low fee and then later resend it using a higher fee to another account which is mine is called RBF?

No that's not what I said. Replace-by-fee (RBF) is just a strategy to bump the fee of a cryptocurrency transaction that's stuck of finding it hard to be included in the mem pool.

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#35 2023-04-06 23:16:06

level
Member
Registered: 2023-01-19
Posts: 1,473

Re: Beware of crypto recovery services!

Camavinga;6940 wrote:
level;6876 wrote:

Double spending is not only used to steal and sometimes it is used to cancel a transaction.

Yeah i know about that, just that when you use the phrase double spend it usually sounds like when you want to double spend coins to deceive a merchant, if you want to use it to cancel one transaction for another to go faster, people just usually say they bumped the fee for the second transaction, not double spending. But I get your point.

Yes, you have a point but bumping the transaction fee can only be done if RBF is enabled right before sending the transaction and if it not enable the best thing to do is double-spending.
However, I said it's not for stealing cause some people may have a negative idea about it.

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#36 2023-04-06 23:17:52

IyaJJJ
Member
Registered: 2023-01-25
Posts: 1,736

Re: Beware of crypto recovery services!

level;7056 wrote:
Camavinga;6940 wrote:
level;6876 wrote:

Double spending is not only used to steal and sometimes it is used to cancel a transaction.

Yeah i know about that, just that when you use the phrase double spend it usually sounds like when you want to double spend coins to deceive a merchant, if you want to use it to cancel one transaction for another to go faster, people just usually say they bumped the fee for the second transaction, not double spending. But I get your point.

Yes, you have a point but bumping the transaction fee can only be done if RBF is enabled right before sending the transaction and if it not enable the best thing to do is double-spending.
However, I said it's not for stealing cause some people may have a negative idea about it.

You are damn right because we have different level of understanding things and some people can easily look at the negative aspect of something than going through the positive aspect it since they will profit from the negative aspect.

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#37 2023-04-06 23:22:10

joanna
Member
Registered: 2023-01-10
Posts: 2,787

Re: Beware of crypto recovery services!

IyaJJJ;7057 wrote:
level;7056 wrote:
Camavinga;6940 wrote:

Yeah i know about that, just that when you use the phrase double spend it usually sounds like when you want to double spend coins to deceive a merchant, if you want to use it to cancel one transaction for another to go faster, people just usually say they bumped the fee for the second transaction, not double spending. But I get your point.

Yes, you have a point but bumping the transaction fee can only be done if RBF is enabled right before sending the transaction and if it not enable the best thing to do is double-spending.
However, I said it's not for stealing cause some people may have a negative idea about it.

You are damn right because we have different level of understanding things and some people can easily look at the negative aspect of something than going through the positive aspect it since they will profit from the negative aspect.

But how would anyone profit from the negative aspect when little research about the benefit of double spending can be found online? It sad that there's alot of lazy cryptocurrency enthusiast.

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#38 2023-04-06 23:23:11

full
Member
Registered: 2023-01-06
Posts: 1,501

Re: Beware of crypto recovery services!

joanna;7058 wrote:
IyaJJJ;7057 wrote:
level;7056 wrote:

Yes, you have a point but bumping the transaction fee can only be done if RBF is enabled right before sending the transaction and if it not enable the best thing to do is double-spending.
However, I said it's not for stealing cause some people may have a negative idea about it.

You are damn right because we have different level of understanding things and some people can easily look at the negative aspect of something than going through the positive aspect it since they will profit from the negative aspect.

But how would anyone profit from the negative aspect when little research about the benefit of double spending can be found online? It sad that there's alot of lazy cryptocurrency enthusiast.

I believe you missing the point because the message was about some bloggers and article writers whose purpose was always to write something especially negative news that will make them get traffic.

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#39 2023-04-06 23:25:48

joanna
Member
Registered: 2023-01-10
Posts: 2,787

Re: Beware of crypto recovery services!

full;7059 wrote:
joanna;7058 wrote:
IyaJJJ;7057 wrote:

You are damn right because we have different level of understanding things and some people can easily look at the negative aspect of something than going through the positive aspect it since they will profit from the negative aspect.

But how would anyone profit from the negative aspect when little research about the benefit of double spending can be found online? It sad that there's alot of lazy cryptocurrency enthusiast.

I believe you missing the point because the message was about some bloggers and article writers whose purpose was always to write something especially negative news that will make them get traffic.

Hmm. Oh my Gosh. It's true.There's a lot of article writers that are doing so much damage to the market than helping the market because they are never enthusiast of the cryptocurrency and blockchain technology.

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#40 2023-04-07 05:20:47

Camavinga
Member
Registered: 2023-01-06
Posts: 836

Re: Beware of crypto recovery services!

joanna;7058 wrote:

But how would anyone profit from the negative aspect when little research about the benefit of double spending can be found online? It sad that there's alot of lazy cryptocurrency enthusiast.

There are a lot of lazy cryptocurrency enthusiasts of course, many people who do not take time to research or check anything, they just believe whatever they are told, if someone tells them to store their coins in an exchange, they will do it, they do not know the best thing to do to protect their money or privacy, lazy people like that mostly lose their coins.

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#41 2023-04-07 11:23:45

full
Member
Registered: 2023-01-06
Posts: 1,501

Re: Beware of crypto recovery services!

joanna;7060 wrote:
full;7059 wrote:
joanna;7058 wrote:

But how would anyone profit from the negative aspect when little research about the benefit of double spending can be found online? It sad that there's alot of lazy cryptocurrency enthusiast.

I believe you missing the point because the message was about some bloggers and article writers whose purpose was always to write something especially negative news that will make them get traffic.

Hmm. Oh my Gosh. It's true.There's a lot of article writers that are doing so much damage to the market than helping the market because they are never enthusiast of the cryptocurrency and blockchain technology.

Meanwhile, we can not exclude these people from the market despite the damage they are doing to the market because they also help the cryptocurrency market get the needed awareness although it is in a bad way but the true potential of crypto will make people see the positive side of it.

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#42 2023-04-07 18:18:38

Detroit
Member
Registered: 2022-12-27
Posts: 1,670

Re: Beware of crypto recovery services!

full;7096 wrote:
joanna;7060 wrote:
full;7059 wrote:

I believe you missing the point because the message was about some bloggers and article writers whose purpose was always to write something especially negative news that will make them get traffic.

Hmm. Oh my Gosh. It's true.There's a lot of article writers that are doing so much damage to the market than helping the market because they are never enthusiast of the cryptocurrency and blockchain technology.

Meanwhile, we can not exclude these people from the market despite the damage they are doing to the market because they also help the cryptocurrency market get the needed awareness although it is in a bad way but the true potential of crypto will make people see the positive side of it.

Well, fair enough. They are doing publicity for cryptocurrency but they are causing more harm to cryptocurrency and the users. Because of the constant link to scams users can't freely request for someone to use btc as a payment option without being looked at as a scam potential.

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#43 2023-04-08 13:10:58

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,872

Re: Beware of crypto recovery services!

Detroit;6961 wrote:

At this point, I'm totally confused.  So you are saying double spending and RBF are not the same, then what is the difference between RBF and double spending? Also, I need to know if both of them can override a previous transaction like sending it into another wallet.

RBF is the option that allows you to double spend or cancel a transaction. Wallets would give you the option to enable RBF when making a transaction and this would allow you to be able to double spend the transaction at a later time. You can have it enabled and not double spend the transaction at all.

Note that some nodes would reject RBF enabled transactions.

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#44 2023-05-01 23:52:38

joanna
Member
Registered: 2023-01-10
Posts: 2,787

Re: Beware of crypto recovery services!

full;7096 wrote:
joanna;7060 wrote:
full;7059 wrote:

I believe you missing the point because the message was about some bloggers and article writers whose purpose was always to write something especially negative news that will make them get traffic.

Hmm. Oh my Gosh. It's true.There's a lot of article writers that are doing so much damage to the market than helping the market because they are never enthusiast of the cryptocurrency and blockchain technology.

Meanwhile, we can not exclude these people from the market despite the damage they are doing to the market because they also help the cryptocurrency market get the needed awareness although it is in a bad way but the true potential of crypto will make people see the positive side of it.

You are somehow right no matter how bad the damage the cause to the market there's always something good it will lead to when the people see the truth about the fud they caused.

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#45 2023-05-02 19:31:55

Detroit
Member
Registered: 2022-12-27
Posts: 1,670

Re: Beware of crypto recovery services!

joanna;7333 wrote:
full;7096 wrote:
joanna;7060 wrote:

Hmm. Oh my Gosh. It's true.There's a lot of article writers that are doing so much damage to the market than helping the market because they are never enthusiast of the cryptocurrency and blockchain technology.

Meanwhile, we can not exclude these people from the market despite the damage they are doing to the market because they also help the cryptocurrency market get the needed awareness although it is in a bad way but the true potential of crypto will make people see the positive side of it.

You are somehow right no matter how bad the damage the cause to the market there's always something good it will lead to when the people see the truth about the fud they caused.

I think their understanding of the damage would help make good market strategies and produce more profit. Not many people understand the market cap and how it works.

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#46 2023-05-03 12:42:36

oba
Member
Registered: 2023-01-13
Posts: 1,858

Re: Beware of crypto recovery services!

joanna;7333 wrote:
full;7096 wrote:
joanna;7060 wrote:

Hmm. Oh my Gosh. It's true.There's a lot of article writers that are doing so much damage to the market than helping the market because they are never enthusiast of the cryptocurrency and blockchain technology.

Meanwhile, we can not exclude these people from the market despite the damage they are doing to the market because they also help the cryptocurrency market get the needed awareness although it is in a bad way but the true potential of crypto will make people see the positive side of it.

You are somehow right no matter how bad the damage the cause to the market there's always something good it will lead to when the people see the truth about the fud they caused.

No matter how bad the damage they did, there's something good it always led to. Like SEC introducing KYC/AML rules and also planning to regulate the crypto market, isn't it?

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#47 2023-05-03 16:59:57

Detroit
Member
Registered: 2022-12-27
Posts: 1,670

Re: Beware of crypto recovery services!

oba;7451 wrote:
joanna;7333 wrote:
full;7096 wrote:

Meanwhile, we can not exclude these people from the market despite the damage they are doing to the market because they also help the cryptocurrency market get the needed awareness although it is in a bad way but the true potential of crypto will make people see the positive side of it.

You are somehow right no matter how bad the damage the cause to the market there's always something good it will lead to when the people see the truth about the fud they caused.

No matter how bad the damage they did, there's something good it always led to. Like SEC introducing KYC/AML rules and also planning to regulate the crypto market, isn't it?

You have a point there mate. But you also need to understand that some damages are beyond repair and can not be amended. The regulation maybe necessary once in a while anyway.

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#48 2023-05-03 22:04:41

IyaJJJ
Member
Registered: 2023-01-25
Posts: 1,736

Re: Beware of crypto recovery services!

Detroit;7395 wrote:
joanna;7333 wrote:
full;7096 wrote:

Meanwhile, we can not exclude these people from the market despite the damage they are doing to the market because they also help the cryptocurrency market get the needed awareness although it is in a bad way but the true potential of crypto will make people see the positive side of it.

You are somehow right no matter how bad the damage the cause to the market there's always something good it will lead to when the people see the truth about the fud they caused.

I think their understanding of the damage would help make good market strategies and produce more profit. Not many people understand the market cap and how it works.

Yes, it is not everybody that understands the market cap and how cryptocurrency investment work. Meanwhile, this is the reason why the crypto market is never for lazy and ignorant people.

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#49 2023-05-03 22:06:46

Dozie
Member
Registered: 2023-01-18
Posts: 658

Re: Beware of crypto recovery services!

IyaJJJ;7520 wrote:
Detroit;7395 wrote:
joanna;7333 wrote:

You are somehow right no matter how bad the damage the cause to the market there's always something good it will lead to when the people see the truth about the fud they caused.

I think their understanding of the damage would help make good market strategies and produce more profit. Not many people understand the market cap and how it works.

Yes, it is not everybody that understands the market cap and how cryptocurrency investment work. Meanwhile, this is the reason why the crypto market is never for lazy and ignorant people.

I would always advice anyone that if they haven't fully understood cryptocurrency they should not even try investing yet until they must have understood it.

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#50 2023-05-03 22:17:56

JONSNOWING
Member
Registered: 2023-01-06
Posts: 1,071

Re: Beware of crypto recovery services!

Probably anyone chatting you about recovering your coins after you must have been scammed is still the same person or part of the team that initially scammed you be very wise.

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